Nicos Rotos: The state should be more development-friendly and provide investor incentives

The construction sector is one of the important pillars of the country's economy but is not appreciated by the state as much as it should be, suggests Nicos Rotos, CEO of Rotos Group.

In an interview with InBusinessNews, Rotos says, "The creation of incentives to attract and maintain new investments, the increase in the building factor and the reduction of VAT on land developments, are some of the measures that the state should provide to the industry."

As Rotos points out, developments, especially large developments that bring profit to the state, should have special incentives, both for entrepreneurs and potential buyers, since as he points out, the sector, through investors, can bring significant revenue into government coffers, as long as the right incentives are found to attract them.

Inflation, interest rates, geopolitical developments and prolonged uncertainty, the energy sector and the rising costs of materials, but also the lack of human resources, are what, according to the CEO of Rotos Group, will continue to concern both the sector’s entrepreneurs themselves as well as the competent bodies, and problems for which solutions should be found.

The industry is steadily growing by leaps and bounds. What are the main challenges and how are you responding to them?

The challenges are many and varied and each type is managed accordingly. Bureaucracy is perhaps the biggest problem.

The state should respond to and immediately support our industry. It needs to become more friendly to deployments. The licensing stage is the biggest negative factor in our sector.

Also, inflation, interest rates, geopolitical developments and prolonged uncertainty, the energy sector and the rising costs of materials as well as the lack of human resources, are all things that will continue to concern both us and above all the competent bodies and for which solutions should be found.

In what ways can the construction and land development sector contribute to increasing the prospects for Cyprus to become a competitive investment/business centre?

The construction sector is one of the important pillars of our country's economy and is not appreciated by the agencies as much as it should be. The creation of incentives to attract and maintain new investments, the increase of the building factor, the reduction of VAT on land developments are some of the measures that the state should provide to the industry.

Developments, especially large developments that bring profit to the state, should have special incentives, both for entrepreneurs and potential buyers. Our industry through investors can bring significant revenue to government coffers, but we need to find the right incentives to attract them.

How do digitisation and new technologies impact your sector?

Digital transformation and technologies like AI & VR will impact some processes, but they will not be able to replace human labour. The construction sector has always been and is almost entirely labour-based.

In a competitive field how important is it to have your efforts recognised?

I believe it is very important to recognise excellence in entrepreneurship. It is important to reward companies and individuals who contribute to the business community and contribute to the development and growth of our country's economy.

Rotos Group's nomination in the IN Business Awards 2023 confirms the good and correct practices we follow as an organisation. It is also further motivation to continue with the same timeless values ​​and high goals.

We are satisfied and happy that the hard, honest and quality work we do is recognised and is the pillar of our successful long-term course.

• Who is who

Rotos Group started its business with the construction of private and public projects. It then entered the land development business, where it owns a portfolio of over 1,000 residential and commercial units.

Some of the company's standout projects include the award-winning Wargaming Plc. building, Unihalls Premier, Unihalls Trinity and the U Residences.

Among the current projects is the Coeo Gladstonos Exclusive Residences, which will be the modern version of the neighbourhood, within a residential complex of villas and luxury apartments.

* Rotos Group was nominated in the IN Business Awards 2023 in the Land Development-Construction category.

(Source: InBusinessNews)